Naspers hikes CEO’s pay as profit rises

Naspers increased the compensation of CEO Bob van Dijk by 5% as the company prepares to further boost its international Internet business in the face of falling pay-television customers in sub-Saharan Africa.

Van Dijk was paid US$1,67m (R23,9m at the time of writing) in the year through March, which included a $568 000 bonus, compared with $1,59m a year earlier, the Cape Town-based company said in its annual report, released on Friday.

Chief investment officer Mark Sorour, who is responsible for mergers and acquisitions and asset sales, earned $2,08m (R29,8m), compared with $2,09m a year earlier, it said.

Naspers, Africa’s biggest company by market value, said on 25 June that fiscal full-year adjusted net income — its main measure of profit — rose by 21% to $1,2bn. The company has transformed itself from a South African newspaper publisher into a continent-wide multimedia provider and backer of emerging market Internet businesses.

Koos Bekker, who stepped down as CEO in 2014 and took on the role of chairman, earned $500 000 (R7,2m) in fees for the year. His indirect shareholding in the company’s N-shares remained unchanged at 4,69m shares. — (c) 2016 Bloomberg LP